Ib Sucks

Quote from Catoosa:



I have had several of these in past years. Some were winners and some were loosers. I think they averaged approximately net flat. If one such trade is net plus or minus $500, I would not put up a fuss; But, $40,000 on one trade like one trader posted here, now that would get my attention.

Catoosa
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First, lundy was trading before the network upgrade so the conditions he describes defninitely don't apply today. Secondly he claims to have lost 2 million of investor funds trading Naz futures and yet did not have ANY backup broker (Which anyone should have, if they are trading the size he claims.) Lundy complaint was about a straightforward system failure, while mdmbud is discussing something a little more insidious.

My main concern here was what mdmbud was saying- I don't have access to cancellation confirmations or a detailed trade log. Any frequent trader makes many cancellations throughout the day. There's no way I can track my cancellations and modifications, except to note that in TWS the order line I cancelled was removed. I don't like the idea that some of these cancellations possibly can come back to life a few days later.

At the end of the day, I make sure I'm flat. My trading is uncomplicated anyway so I already know what my net position is, but I verify it in TWS. If my execution and account window show I'm flat with no working orders then that should be the end of it. There should not be manual adjustments of my position, days later.

If the executions window can 'miss' confirmations or be out of sync with the IB server, then I'd like to know if the account window is the official, fresh, real time, server-side statement of my net position.
 
Quote from mdmbud:

I am looking to take this into a class action suit. My attorney looked over the board and viewed all the complaints. He is currently looking into the possibility of being able to follow through, as arbitration agreements were initially signed with the basic contract. I will know next week, but if this is the case, then he will only work based upon the outcome. Just an FYI, but I will keep the board posted.

I am sure that if he goes forward and during the discovery process he will find more than a handful of clients who have ran into this issue.....

Now all IB had to do was be honest and look at the actual issue I ran into and this can of worms would never have been opened.
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An ambulance chaser is involved now? What did you lose, $500? That is a tick for some people, why the big fuss? All people like you do is drive the cost up for all of us. Look what they did for medical costs! THANK YOU FOR ATTORNEYS!

Go to a hand holding brokerage and pay an extra $2,000 in commissions so you can get your $500 back each time.
 
no offense but IMHO it is low class the way you're handling this matter... the more I read your public rage/bitching, the more it seems like you should get out of trading and go into law!

Do you really think even IF IB allegedly screwed you, that this one incident will make or break your entire YEAR... such that you lose your dignity and act like a horse's a** on a public forum?!
Believe me I have never even heard of IB until 3 weeks ago so I have no interest in their defense... and, like I posted earlier some firms are not very willing to negotiate....

but IF SO then JUST leave IB.... don't make a complete fool out of yourself by moaning like a child, or a jilted lover who feels her whole life is now ruined and wants revenge! (no offense gals) <smile>

All of us have had issues like this. But I never thought of taking out an ad in the WSJ to bash some trading firm, even if they "deserved" it!

Good luck in 2003 in all your endeavors, bro.

Ice
...:cool:
 
How about a yellow or red light that lets you know if your connection has been interrupted or lost.

Right now, I think everyone looks at the changing bid-ask size to see if they are still connected.
 
mdmbud,

I worked before in Customer Support of a Software company.

You should've called in and asked to speak to a manager.
Then complained to the manager if your previous call was
handled poorly. The manager would've looked into the
trade and checked to see if the person handling the
previous call was professional about it.

If you can't accept your own trading mistakes, you should
not be in the trading field.

Good Luck!
 
After so many pages of bashing I feel compelled to write. I have worked in a retail customer support environment for many years and have been a happy IB customer for over 2 years.

I have had several contacts with IB via telephone and chat and email. They have ALWAYS responded in a reasonably timely manner. No, they aren't always as helpful as you would like, but they do what they can. From the tone of many posters, I'd guess you don't treat these people very nicely. If nice doesn't work, neither will not nice. I've had MUCH worse experience at other brokers. Additionally, every time I thought IB screwed up and I was ready to holler bloody murder, I instead calmed down, listened to their explanation and realized I screwed up. This is not childs play. There are all kinds of risks inherent in trading electronically. Part of that is "communication risk". Learn to live with it or don't trade.

If you say degrading things on this board about these people in customer support I have a great deal of confidence in how you're treating them directly.

I previously only understood one way to get my way, and that was yell, holler, scream, berate, etc etc. It was literally quite devastating to my health and has taken YEARS to correct. BE NICE, not for the good of the person you're speaking with, but for yourself. You cannot act in the most rational, coherent, and intelligent manner that you are capable of when you're that stressed.

And, do you really think anyone will want to talk to you at all. These people will not return calls and be in a hurry to help when you treat them in that way. It doesn't matter what you think, it only matters how they respond. And the only way you have ANY ability to control that response is through you rapport skills.
 
Quote from CarlErikson:
1. Island usually busts before 2 hours have passed?
2. Island usually doesn't adjust?
3. Island usually doesn't try to alter a trade that is less than 10% off?
4. Island usually busts pre-market trades before the opening print is known?

Very good :) 3 out of 4.

#4 is not the case. If it were, you'd be able to do almost anything in the few minutes before the open, since they would never get to you in time.

Looking back at the details, my #4 was that they claimed it was outside the prevailing market when it wasn't (I was actually the inside offer). I had the numbers wrong, too. It was 42.12, not 42.50.
 
Quote from mdmbud:

I am looking to take this into a class action suit. My attorney looked over the board and viewed all the complaints. He is currently looking into the possibility of being able to follow through, as arbitration agreements were initially signed with the basic contract. I will know next week, but if this is the case, then he will only work based upon the outcome. Just an FYI, but I will keep the board posted.

I am sure that if he goes forward and during the discovery process he will find more than a handful of clients who have ran into this issue.....

Now all IB had to do was be honest and look at the actual issue I ran into and this can of worms would never have been opened.
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A bit of overreaction, wouldn't you say? :mad: :confused: :eek:
 
Quote from mdmbud:
I spoke with a second specialized attorney today and he said that IB's agreement is joke nd he told me to gather the info

Either your attorney is inexperienced, or he's just telling you what you want to hear. Many people have bashed IB's agreements as being unusually bad for the customer, but as far as I recall, they are pretty standard. All I can guess is that IB makes it more obvious what the terms are by making you take a "test" related to them in the account opening process, so people tend to actually remember them. I'll bet that most people never read their agreements from other brokerages, since they're usually included in the account app by reference, and your single signature on the app says that you understand and agree.

My experience is that brokerages that are either new and trying to gain customers, or those that charge higher commissions, tend to be more willing to give up some money when they screw up. DAT brokers like IB, who charge a fraction of a cent per share over the ECN costs that they incur, typically are less likely to do so, because they have a lot less to give up. It's just part of evaluating the brokerage and whether they are right for you. I do over 5K trades a year, and have problems with a handful. I'd rather save the commish.
 
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